Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, stated on Sunday that his ministry is adopting a host of measures to stimulate the economy and to attract foreign investment.

The Ministry of Commerce, Industry and Investment Promotion is working with several state units to develop packages of facilities and incentives in order to raise the contribution of various sectors to the sultanate’s GDP, the minister said.

Providing details when he was hosted by Majlis A’Shura on Sunday, Yousef said, “The contribution of domestic trade to the sultanate’s GDP increased to RO2.8bn in 2021, accounting for 8.06 per cent of the total GDP. The contribution of services sector to the GDP increased to RO16.5bn in 2021, up 50.2 per cent compared to 2020.”

The manufacturing sector contributed RO3.2bn to the economy, representing about 9.7 per cent of the total GDP in 2021, which amounted to RO33bn. The sultanate’s total trade exchange with the world increased by 47.1 per cent to RO28.986bn.

“Non-oil exports grew from RO3.03bn in 2020 to RO5.79bn in 2021, while total merchandise exports grew from RO11.73bn to RO17.06bn in 2021.”

Yousef informed that at the end of December 2021, the number of trade records registered with the ministry was 349,894, and the total number of transactions completed through the Invest Easily platform was 789,493, an increase of 39 per cent compared to 2020. The ministry is working to establish an investor lounge in the Directorate General of Investment, which will support investors with all requests.

“The lounge will play the role of a one-stop shop, taking care of the legislative and administrative aspects to support the investor and find solutions. We hope to establish the lounge this year, as the site has already been chosen,” the minister said.

Yousef informed the shura that work is underway to launch 28 investment opportunities in the industrial sector, and presenting these to investors. “We are determined to move forward to achieve Oman Vision 2040, which was laid down by the Late Sultan Qaboos bin Said, and will be completed under the patronage of His Majesty Sultan Haitham bin Tarik, placing Oman among the ranks of developed countries.”